Revelstoke real estate sale prices remain high

This article first appeared in print in the June issue of Revelstoke Mountaineer Magazine.

The Revelstoke real estate market is correcting in some ways but is yet still strong as evidenced by the number of recent sales. Average sale prices are higher than they were in 2008, although they are not continuing through the roof contrary to the word on the street.

A primary factor driving prices in this unique market is a lack of inventory creating an advantage to sellers, moreso at the beginning of the year. However, buyers over the past couple months have been more reluctant to pay higher prices and they’re pushing back with lower offers and/or waiting for more inventory to arrive. We are also seeing price reductions around town with the more motivated sellers.

The lack of supply comes at an unfortunate time because the global eye is again looking at Revelstoke. How ready are we for this renewed interest in our little mountain town?

Growth demands change. Revelstoke has a very unique opportunity to do it right! The problems become the doorway for innovation. We need homes entering the market that are attainable at all price levels. We need to create higher density areas, and approve laneway homes giving a potential revenue steam for long term rentals. We need to allow smaller parcels of land to accommodate smaller, skinnier and tinier homes. Build up in the downtown core. Smaller homes. Great outdoors.

We need infrastructure improvements to water and sewer. We need the City of Revelstoke’s permitting processes streamlined, including a schedule for the issue of building permits to allow people to plan their build accordingly. We need accountability to the people!

The geography and climate make Revelstoke’s mountain town an incredible action-packed adventure playground where one can work and live life to the fullest. The City of Revelstoke was Incorporated in 1899 and has obviously changed over time. We must learn from what we have seen in other areas. Such as places where many of us have come from to find freedom. We need to do everything we can to make Revelstoke an option for the quality people who make up the colorful fabric of our community.

Just the Stats!

Here is a breakdown of the types of property sales so far in 2018:

-39 Single Family Residential sales from $234,000 to $1,415,000

-8 Strata & Recreation sales from $212,500 to $535,000

-12 Manufactured Home sales from $60,000 to $355,000

-17 Lots & Acreages sales from $40,000 to $311,000

-For a total of 76 Residential Sales from January 1 to June 15, 2018.

Number of Single Family Residential Home sales by month the past three years:

Month 2015 2016 2017 2018

Jan 3 6 3 5

Feb 2 10 4 5

Mar 7 11 8 8

Apr 8 8 6 8

May 13 10 9 6

Jun 12 10 14 7

Jul 10 7 9

Aug 17 14 12

Sep 17 10 6

Oct 19 7 8

Nov 8 7 9

Dec 4 1 6

Average Sale price of Single Family Homes the past 10 years:

Year Sale price, average

2008 $433,557

2009 $365,094

2010 $358,459

2011 $355,780

2012 $341,468

2013 $331,109

2014 $333,230

2015 $345,101

2016 $376,931

2017 $486,708

2018 $609,836

Current listings as of June 15

-13 Commercial

-110 Residential

-54 of those are ‘Single Family’ Residential. Just 8 homes are under $450,000 where the majority of the Buyers are. A property can have an accepted, conditional offer waiting for subject removal which then makes the deal firm and unconditional. A property is not reported sold until the subject conditions are removed.

Emily Beaumont is a Realtor for Royal LePage Revelstoke. Her quarterly Just the Stats! column focuses on real estate statistics updates.